Darling rules out US-style levy on banks

British Chancellor Alistair Darling today ruled out imposing a US-style levy on British banks propped up by the taxpayer despite anger among many Labour MPs at the return of huge City bonuses.

Barack Obama is to hit financial institutions with a 0.15% charge on liabilities in a bid to recoup at least $90bn (€101.74bn) of taxpayer money spent rescuing the sector from collapse.